“We are very excited to be rebooting what is already a hugely successful film franchise and continuing the Tomb Raider phenomenon,” King said in a statement.

Released by Paramount Picture, the first two Lara Croft movies grossed a total of $432 million at the worldwide box office. The second film, "Cradle of Life," however was a critical dud and did nearly 50 percent less at the global box office than its predecessor.

Graham King and Tim Headington will produce, and Senior Vice President Grey Rembert will oversee the project for GK Films.